Budgeting When You are Flat Broke

in steemleo •  last year 


As a formerly broke person, I understand the struggle of making it check to check. I ran out of money days before my paycheck arrived, and have many examples of having nothing to show for my hard work.

How does a broke person begin to budget, save and insulate himself from life's emergencies? I had to start with the basics.

Part 1. You have a problem

If you're broke, there is a problem. Be it excessive spending, a lack of income or something deeper, something needs to change.

Part 2. Investigate

What are you doing to break your bank? Check all your transactions and find out if you have unused subscriptions, late fees, if you eat out too much and more. Do you buy coffee everyday? Do you eat out every night at a restaurant? Can you cut out expensive bar tabs? Be honest and take your time.

Part 3. Cut out the fat

Stop your overspending. Examine every bill and subscription you pay. Call your billing companies and see if you can reduce bill amounts using autopay or paperless.

Part 4. Keep working at it

Keep working to increase your income and reduce your outflow of cash.

Hope this helps. I am on a journey to financial independence. It is slow but sure.

Picture from Pixabay.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Thanks for using eSteem!
Your post has been voted as a part of eSteem encouragement program. Keep up the good work!
Dear reader, Install Android, iOS Mobile app or Windows, Mac, Linux Surfer app, if you haven't already!
Learn more: https://esteem.app
Join our discord: https://discord.me/esteem

This post was resteemed by @steemvote and received a 99.56% Upvote. Send 0.5 SBD or STEEM to @steemvote

Hi, @anarchy999!

You just got a 2.87% upvote from SteemPlus!
To get higher upvotes, earn more SteemPlus Points (SPP). On your Steemit wallet, check your SPP balance and click on "How to earn SPP?" to find out all the ways to earn.
If you're not using SteemPlus yet, please check our last posts in here to see the many ways in which SteemPlus can improve your Steem experience on Steemit and Busy.